Unitedhealth (UNH) Operating Margin (2009 - 2026)
Unitedhealth (UNH) reported Operating Margin of 8.05% for Q1 2026, down 28.0% year-over-year from 11.18% in Q1 2025, and up 2297.43% on a QoQ basis from 0.34% in Q4 2025.
Unitedhealth (UNH) has 18 years of Operating Margin data on file, last reported at 8.05% in Q1 2026.
- Quarterly Operating Margin fell 28.0% year-over-year to 8.05% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 4.42% (down 259.0% YoY) and the FY2025 annual result came in at 4.24%, down 383.0% from the prior year.
- Operating Margin rose to 8.05% in Q1 2026 per UNH's latest filing, from 0.34% in the prior quarter.
- Across five years, Operating Margin topped out at 56.4% in Q4 2023 and bottomed at 0.34% in Q4 2025.
- The 5-year median for Operating Margin is 8.64% (2024), against an average of 10.58%.
- The widest annual swing landed in 2023, when Operating Margin jumped 5117 bps; it then sank 5178 bps in 2024.
- Tracing UNH's Operating Margin over 5 years: stood at 5.23% in 2022, then jumped by 978 bps to 56.4% in 2023, then sank by 92 bps to 4.63% in 2024, then slumped by 93 bps to 0.34% in 2025, then surged by 2297 bps to 8.05% in 2026.
- Per Business Quant, the three latest UNH Operating Margin figures stand at 8.05% (Q1 2026), 0.34% (Q4 2025), and 3.81% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Unitedhealth | 345.31 Bn | 315.51 Bn | 98.90 Bn | 8.05% |
| 2 | Cvs Health | 115.41 Bn | 103.79 Bn | 4.43 Bn | 13.85% |
| 3 | Elevance Health | 88.60 Bn | 53.18 Bn | 13.88 Bn | 1.55% |
| 4 | Cigna | 72.05 Bn | 64.43 Bn | -44.29 Bn | 2.06% |
| 5 | Humana | 39.05 Bn | 17.15 Bn | 4.00 Bn | 4.65% |
| 6 | Centene | 30.50 Bn | 6.84 Bn | 49.24 Bn | 3.73% |
| 7 | Molina Healthcare | 9.31 Bn | 60.65 Mn | 1.53 Bn | 0.77% |
| 8 | Oscar Health | 6.86 Bn | 63.05 Mn | -3.22 Bn | 1,060.06% |
| 9 | Alignment Healthcare | 2.69 Bn | 1.96 Bn | 135.85 Mn | 1.26% |
| 10 | Progyny | 2.12 Bn | 1.90 Bn | 83.07 Mn | 10.77% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 8.05% |
| Dec 31, 2025 | 0.34% |
| Sep 30, 2025 | 3.81% |
| Jun 30, 2025 | 5.86% |
| Mar 31, 2025 | 8.32% |
| Dec 31, 2024 | 4.63% |
| Sep 30, 2024 | 8.64% |
| Jun 30, 2024 | 7.97% |
| Mar 31, 2024 | 10.17% |
| Dec 31, 2023 | 56.40% |
| Sep 30, 2023 | 9.23% |
| Jun 30, 2023 | 11.12% |
| Mar 31, 2023 | 11.11% |
| Dec 31, 2022 | 5.23% |
| Sep 30, 2022 | 9.22% |
| Jun 30, 2022 | 11.16% |
| Mar 31, 2022 | 8.67% |
| Dec 31, 2021 | 7.51% |
| Sep 30, 2021 | 7.90% |
| Jun 30, 2021 | 8.38% |
| Mar 31, 2021 | 9.60% |
| Dec 31, 2020 | 5.37% |
| Sep 30, 2020 | 9.14% |
| Jun 30, 2020 | 14.87% |
| Mar 31, 2020 | 7.76% |
| Dec 31, 2019 | 8.37% |
| Sep 30, 2019 | 8.31% |
| Jun 30, 2019 | 10.06% |
| Mar 31, 2019 | 8.01% |
| Dec 31, 2018 | 7.70% |
| Sep 30, 2018 | 8.12% |
| Jun 30, 2018 | 7.50% |
| Mar 31, 2018 | 7.34% |
| Dec 31, 2017 | 7.64% |
| Sep 30, 2017 | 8.12% |
| Jun 30, 2017 | 7.45% |
| Mar 31, 2017 | 7.00% |
| Dec 31, 2016 | 6.70% |
| Sep 30, 2016 | 7.73% |
| Jun 30, 2016 | 6.89% |
| Mar 31, 2016 | 6.65% |
| Dec 31, 2015 | 5.66% |
| Sep 30, 2015 | 7.27% |
| Jun 30, 2015 | 7.98% |
| Mar 31, 2015 | 7.38% |
| Dec 31, 2014 | 8.27% |
| Sep 30, 2014 | 8.86% |
| Jun 30, 2014 | 7.83% |
| Mar 31, 2014 | 6.48% |
| Dec 31, 2013 | 7.88% |
| Sep 30, 2013 | 8.59% |
| Jun 30, 2013 | 7.90% |
| Mar 31, 2013 | 7.05% |
| Dec 31, 2012 | 7.30% |
| Sep 30, 2012 | 9.56% |
| Jun 30, 2012 | 8.16% |
| Mar 31, 2012 | 8.49% |
| Dec 31, 2011 | 8.00% |
| Sep 30, 2011 | 8.19% |
| Jun 30, 2011 | 8.32% |
| Mar 31, 2011 | 8.73% |
| Dec 31, 2010 | 7.50% |
| Sep 30, 2010 | 9.06% |
| Jun 30, 2010 | 8.17% |
| Mar 31, 2010 | 8.69% |
| Dec 31, 2009 | 1.89% |
| Sep 30, 2009 | 7.73% |
| Jun 30, 2009 | 6.65% |
| Mar 31, 2009 | 128.70% |